By Joe Hoppe

Vodafone Group PLC said Monday that it has entered terms to sell the entirety of Vodafone Magyarorszag Tavkozlesi Zrt, or Vodafone Hungary, for an enterprise value of 715 billion Hungarian forint ($1.78 billion).

The U.K.-based telecommunications company said it has agreed to sell its entire 100% stake in the unit to 4iG Public Limited Company and Corvinus Zrt, a Hungarian state holding company, subject to due diligence and regulatory approval. The companies are targeting a close of sale by the end of 2022.

Vodafone said the deal was part of the Hungarian government's strategy to build a Hungarian-owned national leader in the information and communications technology sector.

"This combination with 4iG will allow Vodafone Hungary...to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator," Vodafone Chief Executive Nick Read said.

Vodafone's shared services business in Hungary, VOIS, isn't included in the deal and will continue to provide services to Vodafone's other operating companies.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

August 22, 2022 02:38 ET (06:38 GMT)

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